SARAF SYNTHETICS (RAJASTHAN) LTD. Vs. OFFICIAL LIQUIDATOR

JUDGEMENT

(1.) This appeal under section 483 of the Companies Act, 1956, has been filed by M/s. Saraf Synthetics (Rajasthan) Limited against the order dated 24.7.1992 passed by the learned Company Judge in SB Company Petition No. 10/1992.

(2.) The learned Company Judge, in pursuance of the communication received from the Registrar, Board for Industrial and Financial Re-construction (BIFR) regarding the matter of M/s. Saraf Synthetics (Rajasthan) Limited, passed an order for winding-up, the said concern and appointed the official liquidator attached to this Court as liquidator of the said company. The order in pursuance of which communication had been received from the Registrar, Board for Industrial and Financial Re-construction dated 15.5.1992 was passed under section 20 of the Sick Industrial Companies (Special Provisions) Act, 1985 on the finding that it was just and equitable that M/s. Saraf Synthetics (Rajasthan) Ltd. be wound up. After the said order was passed, the opinion was forwarded to the High Court in terms of section 20 of the BIFR Act and for further necessary action.

(3.) In pursuance of the order of the learned Company Judge, the official liquidator gave out to the Court that since there was no petitioner in this matter, the publication of winding-up order would have to be made from the funds of various companies in his possession.